Sultan Minerals Inc. (SUL-TSX Venture) is now resuming its exploration program on the Kena Property, under its exploration agreement with Kinross Gold Corp. Kinross can earn a 60% interest in the Kena Property for an input of $10 million over 5 years. A minimum of $500,000 will be spent by the end of 2002.

Sultan's 2002 exploration program on the Kena Property, located in southeastern British Columbia, is now well underway. Exploration completed from early June to late August consisted of surface work programs, followed by trenching and diamond drilling. This work expanded the Gold Mountain Zone and located several other strongly anomalous gold target areas. Surface work programs included geological mapping and rock chip sampling, soil geochemical surveys, line cutting, and induced polarization geophysical surveys.

Gold Mountain Zone
Exploration programs in 2000, 2001 and early 2002 by Sultan defined a large gold mineralized area called the Gold Mountain Zone. The Gold Mountain Zone contains wide zones of bulk tonnage style gold mineralization which contain very high grade gold shoots (see News Releases dated April 8, 2002, February 25, 2002 and January 8, 2002). In this area, gold mineralization lies within the Silver King intrusive unit and adjacent volcanics, and appears to parallel the intrusive's eastern contact with the surrounding mafic volcanic rocks. Recent exploration has now confirmed that gold mineralization also occurs approximately one kilometre west of the Gold Mountain Zone discovery area where it trends parallel to the western contact between the intrusive and volcanic units. To date, 45 holes have been drilled on the Gold Mountain Zone, with elevated gold mineralization found in all holes. Since July, five diamond drill holes (02GM-41 to 45) have been completed, expanding the gold mineralization to depth and along strike. Visible gold was noted at several locations in the drill holes within broad highly altered zones that extend across the intrusive-volcanic contact.

The following table summarizes the results of the above listed drill holes. Of special note is hole 02GM-42 which shows a wide zone of elevated gold mineralization extending down dip and to the west of holes drilled previously along the same section line.

The existing Gold Mountain Zone soil and geophysical grid has been expanded westerly across the Silver King intrusive and into the volcanic rocks to the west. The intrusive is 1000 to 1400 metres wide in this area. Geochemical sampling show highly elevated gold soil values along both sides of the intrusive body. The Gold Mountain Zone discovery area is centred at 1100N, 300E near the eastern intrusive contact. Along the western contact, three targets have been identified. These targets are referred to as: 1) Great Western, located within the intrusive and centred at 2000N, 1200W; 2) Starlight, located within the volcanics and centred at 1650N, 1700W; and 3) Cariboo, located within the volcanic and centred at 400S, 1100W.

Great Western
The Great Western area is located within the Silver King intrusive and hosts a number of historic showings. In the early 1900s, 34 tons of ore averaging 52.2 g/t gold was shipped from the Great Western claim group, and historical records note that "spectacular visible gold" occurred in some of the veinlets. Sultan has identified 5 of the historic vein systems consisting of stockwork and sheeted vein systems within strongly altered intrusives.

Gold soil geochemistry over the Great Western area has defined a large strong gold anomaly measuring 1200 by 300 metres with gold soil values up to 1259 ppb. Induced polarization geophysical anomalies are present over the area of the historic workings giving indications of elevated sulphides and silicate alterations.

Recent rock chip samples collected from the Great Western workings are tabulated below. Of note was sample BGW-007 from the D vein, which assayed 119.3 g/t gold and 20.9 g/t silver.

Diamond drilling of the Great Western veins and their surrounding altered wallrock zones is planned to commence immediately.

Starlight
The historic Starlight workings lie within the volcanic rocks on the west side of the Silver King intrusive. The main Starlight zone consists of a quartz vein that pinches and swells from 40 centimetres to 2 metres in width. Historical reports state that 21 tons of ore was shipped from the Starlight vein in the early 1900s and averaged 27.7 g/t gold. At that time a 50-metre width of wallrock within the crosscut adit was sampled and was reported to return elevated gold values. Recent check sampling by Sultan has found the wallrock adjacent to the vein averages approximately 1 g/t gold. The following table summarizes the results of recent surface sampling of the Starlight vein and wallrock. The vein assayed as high as 22.5 g/t gold and 150.9 g/t silver over 1 metre width.

Soil geochemistry and induced polarization geophysical surveying both define the Starlight vein and its host structure very well. Diamond drilling of three short holes into the Starlight structure confirmed the presence of a narrow, high grade vein with assays of 30.37 g/t gold over 28 cm in the main vein and assays of up to 10.96 g/t over 2 metres in the stockwork zone (see following table). The stockwork zone appears to represent a transitional environment between the "gold only" mineralization of the Gold Mountain Zone and the "copper-silver" mineralization of the nearby historic Silver King Mine.

Drill hole 02SL-01 was collared at 16+75N, 17+11W; hole 02SL-02 at 16+75N, 17+36W; and hole 02SL-03 at 16+25N, 17+25W. All three holes were drilled at azimuth 060 o and dip -45 o

Cariboo
In the Cariboo area, also located near the western margin of the intrusive, gold soil geochemistry has traced the main Cariboo silicified shear structure for 600 metres in strike. Trending sub-parallel to and 300 metres west of the Cariboo shear, is a second 150 metre wide gold soil anomaly also striking for 600 metres in length. This anomaly trends along the intrusive-volcanic contact and has gold soil values up to 574 ppb. A single geophysical line centred over this grid shows a coincident resistivity anomaly over the strongest part of the gold soil geochemistry anomaly. Chip samples from the initial trenching program have returned the following gold assays:

South Gold Zone
The South Gold Zone is located 4 kilometres south of the Gold Mountain Zone discovery area. An induced polarization geophysical survey recently completed over the South Gold Zone has defined a highly anomalous area, which coincides with a strong gold soil geochemical anomaly. This anomalous area averages 800 metres by 200 metres in size with gold soil values ranging up to 2,670 ppb. Diamond drilling on the South Gold Zone will commence immediately.

Summary
The main focus of the on-going exploration program remains the Gold Mountain Zone. Diamond drilling will commence immediately with two drill rigs planning to drill about 4500 metres of core by the end of 2002. Approximately half of the drill program will focus on expanding the known mineralization at Gold Mountain and the remainder will test three additional target areas - the South Gold Zone, the Great Western and the Starlight-Daylight trend.